POS Deposits from one month are deposited in another month.

SUGGESTED

Hello! I am going through the bank statement for April POS Deposit's, and there's a deposit that was earned in April but was deposited in May [:(] I always post all Sales to Cash on hand and then a lump sum of all POS in one shot to the Bank Act, but now I am over in my cash on hand for this one deposit and my statements wont balance if I key it all in april:( any suggestions from the pro's???

Thanks  a million

Michelle

  • 0

    Your POS deposits should be posted into Cash Clearing account and Interac Clearing account - not the bank account. Then when a deposit to the bank via deposit slip then post from deposit slip using Dr bank and Cr Cash Clearing. When Interac stmt is rec'd then post to bank account using Dr bank and Cr Interac Clearing.

    The bank account should show each deposit just as it looks like on the bank stmt.

  • 0 in reply to Smith and Co

    I have some books that we work with lump sums as well. Make a GJ entry that debits and credits the bank for the amount of the offending POS. In the current month, clear the lump sum amount and the withdrawal from the GJ entry. Next month, clear the o/s deposit from the GJ with the next month's lump sum amount.

  • 0 in reply to Smith and Co

    Probably a bit of a silly question, when in the receivable module>Receipt and the client pays via Interact I have to option to deposit into a few different places, it should go to Cash to be deposited or Sales Clearing Account or should i just make Account for Interact Clearing Account? 

  • 0 in reply to AnnieOakley
    SUGGESTED

    This was already responded to on your other entry in this forum. The history is great for finding the results if everyone remembers to post the resolution of their problem. However, adding a post to a really old thread may not always get you a response quickly. I saw that this thread was more than six years old and almost missed your add on.